Open Text Reports Fourth Quarter and Fiscal Year-End 2009 Financial Results

Name	Symbol	Market	Type
Republic of Portugal 1.95% 15jun2029	EU:OTEX	Euronext	Bond

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.00	0.00%	99.94	98.20	100.00				0	00:00:00

Republic of Portugal 1.9... (EU:OTEX)
Historical Stock Chart

From Dec 2019 to Dec 2024

Click Here for more Republic of Portugal 1.9... Charts.

WATERLOO, ON, Aug. 20 /PRNewswire-FirstCall/ -- Open Text(TM) Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today announced unaudited financial results for its fourth quarter and fiscal year ended June 30, 2009.(1) Total revenue for the fourth quarter was $203.4 million, up 2% compared to $200.3 million for the same period in the prior fiscal year. License revenue in the fourth quarter was $63.0 million, down 8% compared to $68.2 million in the fourth quarter of the prior fiscal year. Adjusted net income in the quarter was $39.2 million or $0.73 per share on a diluted basis, up 18% compared to $33.3 million or $0.63 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles ("US GAAP") was $19.5 million or $0.36 per share on a diluted basis, compared to $27.3 million or $0.51 per share on a diluted basis for the same period in the prior fiscal year.(2) Total revenue for fiscal year 2009 was $785.7 million, up 8% compared to $725.5 million for the previous fiscal year. License revenue for fiscal year 2009 was $229.8 million, up 5% compared to $219.1 million in the previous fiscal year. Adjusted net income for fiscal year 2009 was $132.8 million, or $2.49 per share on a diluted basis, up 24% compared to adjusted net income for the previous fiscal year of $107.0 million, or $2.03 per share on a diluted basis. Net income for fiscal year 2009 in accordance with US GAAP was $56.9 million, or $1.07 per share on a diluted basis, compared to the prior fiscal year's net income of $53.0 million, or $1.01 per share on a diluted basis.(2) Operating cash flow in the fourth quarter of fiscal 2009 was $38.6 million, compared to $44.6 million in the fourth quarter of the prior fiscal year. For the full 2009 fiscal year, Open Text generated $176.2 million in operating cash flow compared to $166.0 million in fiscal 2008. The cash and cash equivalents balance as of June 30, 2009 was $275.8 million. Accounts receivable as of June 30, 2009, totaled $115.8 million, compared to $134.4 million as of June 30, 2008, and Days Sales Outstanding (DSO) was 51 days in the fourth quarter of fiscal 2009, compared to 60 days in the fourth quarter of fiscal 2008. "I am pleased that we achieved our bottom line target in this quarter and grew adjusted earnings by 24% for the year in this difficult economic environment," said John Shackleton, President and Chief Executive Officer of Open Text. "Driven by demand for compliance based solutions I remain confident on our future prospects." On July 21, 2009 Open Text announced that it had completed the acquisition of all of the issued and outstanding shares of Vignette Corporation. "With the acquisition of Vignette we solidify our ECM market leadership. We have gained a great customer base and enterprise-level technology that enhances our ECM suite," said Mr. Shackleton. "We are pleased with how the acquisition is progressing and to date the integration is tracking to plan." Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures. Teleconference Call Open Text will host a conference call on August 20, 2009 at 5:00 p.m. ET to discuss its final financial results. Date: Thursday, August 20, 2009 Time: 5:00 p.m. ET/2:00 p.m. PT Length: 60 minutes Where: 416-644-3415 800-733-7571 (Toll Free) Please dial-in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning August 20, 2009 at 7:00 p.m. ET through 11:59 p.m. on September 3, 2009 and can be accessed by dialing 416-640-1917 and using passcode 21310608 followed by the number sign. For more information or to listen to the call via Web cast, please use the following link: http://www.opentext.com/events/wa-event.html?id=6638242 About Open Text Open Text(TM) is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers in 114 countries and 12 languages. For more information about Open Text, visit http://www.opentext.com/. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements, including statements about the financial conditions, and results of operations and earnings for Open Text Corporation ("Open Text" or "the Company"). Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those anticipated. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The results included in this press release are unaudited and therefore are deemed to be forward-looking statements. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: (i) the future performance, financial and otherwise, of Open Text; (ii) the ability of Open Text to bring new products to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company's competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products to be realized by customers; and (viii) the demand for the Company's product and the extent of deployment of the company's products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company's customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (viii) the continuous commitment of the Company's customers; (ix) demand for the Company's products; and (10) other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K for the year ended June 30, 2008. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change. Notes (1) Based on comparison of historical revenue figures publicly disseminated by companies in the Enterprise Content Management ("ECM") sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated. (2) In addition to these GAAP and adjusted results the Company has provided financial information that adds back maintenance revenue eliminated due to the impact of purchase accounting entries on deferred revenue and the impact of interest expense. Management believes that the furnishing of these adjustments provide a consistent basis for comparison between quarters and help to more accurately reflect Open Text's underlying operating results. (in millions of US dollars, except Three months ended per-share data) June 30, 2009 GAAP Revenue $ 203.4 Maintenance revenue adjustment for purchase accounting 0.5 ------------------- Non-GAAP revenue $ 203.9 ------------------- ------------------- Adjusted Income $ 39.2 Maintenance revenue adjustment for purchase accounting 0.5 Net Interest Expense 2.8 Income tax effect (0.9) ------------------- Non-GAAP net income $ 41.6 ------------------- ------------------- Adjusted EPS Diluted $ 0.73 Non GAAP Adjustments (net of tax) - Maintenance 0.01 - Interest 0.04 ------------------- Non-GAAP EPS $ 0.78 ------------------- ------------------- (in millions of US dollars, except Twelve months ended per-share data) June 30, 2009 GAAP Revenue $ 785.7 Maintenance revenue adjustment for purchase accounting 1.5 ------------------- Non-GAAP revenue $ 787.2 ------------------- ------------------- Adjusted Income $ 132.8 Maintenance revenue adjustment for purchase accounting 1.5 Net Interest Expense 13.6 Income tax effect (4.2) ------------------- Non-GAAP net income $ 143.7 ------------------- ------------------- Adjusted EPS Diluted $ 2.49 Non GAAP Adjustments (net of tax) - Maintenance 0.02 - Interest 0.18 ------------------- Non-GAAP EPS $ 2.69 ------------------- ------------------- (3) Use of US Non-GAAP financial measures In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted net income and adjusted EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses the financial measures adjusted EPS and adjusted net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of adjusted net income and adjusted EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. Open Text strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Adjusted net income and adjusted EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company's management believes that the presentation of adjusted net income and adjusted EPS provides useful information to investors because it excludes non-operational charges. The use of the term "non-operational charge" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, such as amortization of acquired intangibles, restructuring costs, share-based compensation, other income (expense) and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of Open Text's performance or expected performance of recurring operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release. The following charts provide reconciliation (unaudited) of US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release: Reconciliation (unaudited) of US GAAP based Net Income to Adjusted Net ---------------------------------------------------------------------- Income (in millions of US dollars) for the quarters ended June 30, 2009 ----------------------------------------------------------------------- and 2008: --------- Three months ended Three months ended June 30, 2009 June 30, 2008 GAAP based "Net Income" $19.5 $27.3 Special Charges/(recovery) 1.2 (0.3) Amortization of intangibles 17.3 18.4 Other (Income)/Expense 3.0 (11.3) Share-based compensation 1.1 1.0 Tax Impact on Above (2.9) (1.8) ------------------------------------------------------------------------- Non-GAAP based "Adjusted Net Income" $39.2 $33.3 ------------------------------------------------------------------------- Reconciliation (unaudited) of US GAAP based EPS to non-US GAAP based EPS ------------------------------------------------------------------------ (calculated on a diluted basis) for the quarters ended June 30, 2009 and ------------------------------------------------------------------------ 2008: ----- Three months ended Three months ended June 30, 2009 June 30, 2008 GAAP based "Net Income" $0.36 $0.51 Special Charges/(recovery) 0.02 (0.01) Amortization of intangibles 0.32 0.35 Other (Income)/Expense 0.06 (0.21) Share-based compensation 0.02 0.02 Tax Impact on Above (0.05) (0.03) ------------------------------------------------------------------------- Non-GAAP based "Adjusted Net Income" $0.73 $0.63 ------------------------------------------------------------------------- Reconciliation (unaudited) of US GAAP based Net Income to Adjusted Net ---------------------------------------------------------------------- Income (in millions of US dollars) for the fiscal years ended June 30, ---------------------------------------------------------------------- 2009 and 2008: -------------- Twelve months ended Twelve months ended June 30, 2009 June 30, 2008 GAAP based "Net Income" $ 56.9 $53.0 Special Charges/(recovery) 14.4 (0.4) Amortization of intangibles 81.0 72.3 Other (Income)/Expense 3.2 1.0 Share-based compensation 5.0 3.8 Tax Impact on Above (27.7) (22.7) ------------------------------------------------------------------------- Non-GAAP based "Adjusted Net Income" $132.8 $107.0 ------------------------------------------------------------------------- Reconciliation (unaudited) of US GAAP based EPS to non-US GAAP based EPS ------------------------------------------------------------------------ (calculated on a diluted basis) for the fiscal years ended June 30, 2009 ------------------------------------------------------------------------ and 2008: --------- Twelve months ended Twelve months ended June 30, 2009 June 30, 2008 GAAP based "Net Income" $1.07 $1.01 Special Charges/(recovery) 0.27 (0.01) Amortization of intangibles 1.52 1.37 Other (Income)/Expense 0.06 0.02 Share-based compensation 0.09 0.07 Tax Impact on Above (0.52) (0.43) ------------------------------------------------------------------------- Non-GAAP based "Adjusted Net Income" $2.49 $2.03 ------------------------------------------------------------------------- (4) The following table provides a composition of our major currencies for revenue and expenses, expressed as a percentage, for the fourth quarter of Fiscal 2009: Currencies % of Revenue % of Expenses* ---------------------------------------- --------------- ---------------- EURO ................................... 25% 27% GBP .................................... 9% 8% CHF .................................... 7% 4% CAD .................................... 7% 24% USD .................................... 45% 33% Others ................................. 7% 4% --------------- ---------------- Total .................................. 100% 100% --------------------------------- --------------------------------- * Expenses include all cost of revenues and operating expenses included within the Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and special charges. (5) Reconciliation of tax rate reduction on (unaudited) US GAAP based EPS --------------------------------------------------------------------- to non-US GAAP based EPS (calculated on a diluted basis) for quarters --------------------------------------------------------------------- ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, --------------------------------------------------------------------- 2009 and year-to-date June 30, 2009. ------------------------------------ Three Three Three Three Year to months months months months date ended ended ended ended Fiscal 9-30-2008 12-31-2008 3-31-2009 6-30-2009 2009 GAAP based "Net Income" $0.28 $0.01 $0.41 $0.37* $1.07 Reported Non-GAAP based "Adjusted Net Income" $0.53 $0.64 $0.59 $0.73 $2.49 Quarterly impact of reduction in year to date tax rate adjustment reflected in Q4 0.01 0.02 0.01 (0.04) Comparable Non-GAAP based "Tax Rate Effected Adjusted Net Income" $0.54 $0.66 $0.60 $0.69 $2.49 * - The Q4 amount is different from the number presented on the consolidated statements of income due to the rounding effect of the deferring amounts of weighted average number of common shares outstanding on a year-to-date basis compared to a quarter-to-date basis. OPEN TEXT CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except per share data) June 30 2009 2008 ------------ ------------ ASSETS Unaudited Audited Current assets: Cash and cash equivalents $ 275,819 $ 254,916 Accounts receivable trade, net of allowance for doubtful accounts of $4,208 as of June 30, 2009 and $3,974 as of June 30, 2008 115,802 134,396 Inventory 1,568 - Income taxes recoverable 4,496 16,763 Prepaid expenses and other current assets 16,604 10,544 Deferred tax assets 20,621 13,455 ------------ ------------ Total current assets 434,910 430,074 Investments in marketable securities 13,103 - Capital assets 45,165 43,582 Goodwill 576,111 564,648 Acquired intangible assets 315,048 281,824 Deferred tax assets 69,877 59,881 Other assets 13,064 10,491 Long-term Income taxes recoverable 39,958 44,176 ------------ ------------ Total assets $ 1,507,236 $ 1,434,676 ------------ ------------ ------------ ------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 115,018 $ 99,035 Current portion of long-term debt 3,449 3,486 Deferred revenues 189,397 176,967 Income taxes payable 10,356 13,499 Deferred tax liabilities 508 4,876 ------------ ------------ Total current liabilities 318,728 297,863 Long-term liabilities: Accrued liabilities 23,073 20,513 Pension obligation 15,803 - Long-term debt 299,234 304,301 Deferred revenues 7,914 2,573 Long-term income tax payable 47,131 54,681 Deferred tax liabilities 108,889 109,912 ------------ ------------ Total long-term liabilities 502,044 491,980 Minority interest - 8,672 Shareholders' equity: Share capital: 52,716,751 and 51,151,666 Common Shares issued and outstanding at June 30, 2009 and June 30, 2008, respectively; Authorized Common Shares: unlimited 457,982 438,471 Additional paid in capital 52,152 39,330 Accumulated other comprehensive income: 71,851 110,819 Retained earnings 104,479 47,541 ------------ ------------ Total shareholders' equity 686,464 636,161 ------------ ------------ Total liabilities and shareholders' equity $ 1,507,236 $ 1,434,676 ------------ ------------ ------------ ------------ OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands of U.S. dollars, except per share data) (Unaudited) Year ended June 30, -------------------------------------- 2009 2008 2007 -------------------------------------- Revenues: License $ 229,818 $ 219,103 $ 182,507 Customer support 405,310 363,580 287,570 Service and other 150,537 142,849 125,587 -------------------------------------- Total revenues 785,665 725,532 595,664 -------------------------------------- Cost of revenues: License 16,204 15,415 13,652 Customer support 68,902 58,764 46,433 Service and other 118,998 117,037 105,955 Amortization of acquired technology-based intangible assets 47,733 41,515 36,206 -------------------------------------- Total cost of revenues 251,837 232,731 202,246 -------------------------------------- Gross profit 533,828 492,801 393,418 -------------------------------------- Operating expenses: Research and development 116,164 107,206 79,102 Sales and marketing 186,533 172,873 150,958 General and administrative 73,842 69,985 61,092 Depreciation 12,012 12,017 13,846 Amortization of acquired customer-based intangible assets 33,259 30,759 24,586 Special charges (recoveries) 14,434 (418) 12,908 -------------------------------------- Total operating expenses 436,244 392,422 342,492 -------------------------------------- Income from operations 97,584 100,379 50,926 -------------------------------------- Other income (expense) (3,187) (1,023) 1,742 Interest expense (13,620) (22,859) (20,282) -------------------------------------- Income before income taxes 80,777 76,497 32,386 Provision for income taxes 23,788 22,993 10,334 -------------------------------------- Net income before minority interest 56,989 53,504 22,052 Minority interest 51 498 392 -------------------------------------- Net income for the period $ 56,938 $ 53,006 $ 21,660 -------------------------------------- -------------------------------------- Net income per share - basic $ 1.09 $ 1.04 $ 0.44 -------------------------------------- -------------------------------------- Net income per share - diluted $ 1.07 $ 1.01 $ 0.43 -------------------------------------- -------------------------------------- Weighted average number of Common Shares outstanding - basic 52,030 50,780 49,393 -------------------------------------- -------------------------------------- Weighted average number of Common Shares outstanding - diluted 53,271 52,604 50,908 -------------------------------------- -------------------------------------- OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands of U.S. dollars, except per share data) (Unaudited) Three months ended June 30, ------------------------- 2009 2008 ------------------------- Revenues: License $ 62,973 $ 68,151 Customer support 104,494 95,056 Service and other 35,889 37,062 ------------------------- Total revenues 203,356 200,269 ------------------------- Cost of revenues: License 3,534 4,119 Customer support 18,675 17,683 Service and other 29,100 30,485 Amortization of acquired technology-based intangible assets 13,562 10,615 ------------------------- Total cost of revenues 64,871 62,902 ------------------------- Gross profit 138,485 137,367 ------------------------- Operating expenses: Research and development 28,829 29,086 Sales and marketing 47,928 51,407 General and administrative 19,238 17,752 Depreciation 3,165 2,372 Amortization of acquired customer-based intangible assets 3,730 7,753 Special charges (recoveries) 1,200 (296) ------------------------- Total operating expenses 104,090 108,074 ------------------------- Income from operations 34,395 29,293 ------------------------- Other income (expense) (3,039) 11,318 Interest expense (2,848) (736) ------------------------- Income before income taxes 28,508 39,875 Provision for income taxes 9,027 12,545 ------------------------- Net income before minority interest 19,481 27,330 Minority interest - 76 ------------------------- Net income for the period $ 19,481 $ 27,254 ------------------------- ------------------------- Net income per share - basic $ 0.37 $ 0.53 ------------------------- ------------------------- Net income per share - diluted $ 0.36 $ 0.51 ------------------------- ------------------------- Weighted average number of Common Shares outstanding - basic 52,648 51,124 ------------------------- ------------------------- Weighted average number of Common Shares outstanding - diluted 53,670 53,068 ------------------------- ------------------------- OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF CASHFLOWS (In thousands of U.S. Dollars) Year ended June 30, -------------------------------------- 2009 2008 2007 -------------------------------------- Cash Flows from operating activities: Net income for the period $56,938 $53,006 $21,660 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 93,004 84,291 74,638 In-Process Research and Development 121 500 - Share-based compensation expense 5,032 3,789 5,376 Employee long-term incentive plan 3,880 2,154 - Excess tax benefits on share-based compensation expense (8,631) (1,079) (1,285) Undistributed earnings related to minority interest 51 498 392 Pension accruals 1,377 - - Amortization of debt issuance costs 1,099 1,220 805 Unrealized loss(gain) on financial instruments (1,682) 3,178 (380) Loss on sale or write down of capital assets 353 - - Deferred taxes (9,914) (24,326) (19,097) Impairment of intangible assets - - 697 Changes in operating assets and liabilities: Accounts receivable 43,761 (5,626) 11,089 Inventory 50 - - Prepaid expenses and other current assets (3,130) (168) 1,425 Income taxes 23,274 12,600 (8,313) Accounts payable and accrued liabilities (19,930) 914 6,195 Deferred revenue (6,861) 33,751 13,746 Other assets (2,622) 1,274 3,916 -------------------------------------- Net cash provided by operating activities 176,170 165,976 110,864 Cash Flows from investing activities: Acquisition of Capital Assets (12,150) (6,895) (5,260) Purchase of Vizible (850) - - Purchase of Captaris - net of cash acquired (101,033) - - Purchase of eMotion LLC - net of cash acquired (3,635) - - Purchase of a division of Spicer Corporation (11,437) - - Purchase of Hummingbird - - (384,761) Purchase of Momentum - - (4,076) Additional purchase consideration for prior period acquisitions (4,612) (1,065) (2,283) Purchase of an asset group constituting a business - (2,209) - Investments in Marketable securities (8,930) - (829) Acquisition related costs (18,182) (18,248) (39,061) -------------------------------------- Net cash used in investing activities (160,829) (28,417) (436,270) Cash flows from financing activities: Excess tax benefits on share-based compensation expense 8,631 1,079 1,285 Proceeds from issuance of Common shares 19,593 12,272 11,734 Proceeds from long-term debt - - 390,000 Repayment of long-term debt (3,426) (63,616) (33,247) Debt Issuance Costs - (349) (7,433) -------------------------------------- Net cash provided by (used in) financing activities 24,798 (50,614) 362,339 Foreign Exchange gain (loss) on cash and cash equivalents (19,236) 17,992 5,692 Increase in cash and cash equivalents during the period 20,903 104,937 42,625 Cash and cash equivalents at the beginning of the period 254,916 149,979 107,354 -------------------------------------- Cash and cash equivalents at the end of the period $275,819 $254,916 $149,979 -------------------------------------- -------------------------------------- OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF CASHFLOWS (In thousands of U.S. Dollars) Unaudited ------------------------- Three months ended June 30 ------------------------- 2009 2008 ------------------------- Cash Flows from operating activities: Net income for the period $19,481 $27,254 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,457 20,740 In-Process Research and Development - - Share-based compensation expense 1,075 994 Employee long-term incentive plan 1,484 664 Excess tax benefits on share-based compensation expense (249) (212) Undistributed earnings related to minority interest - 76 Pension accruals 253 - Amortization of debt issuance costs 268 216 Unrealized loss (gain) on financial instruments (1,548) (2,401) Loss on sale or write down of capital assets - - Deferred taxes (6,337) (19,707) Changes in operating assets and liabilities: Accounts receivable (4,136) 1,392 Inventory 370 - Prepaid expenses and other current assets 295 1,840 Income taxes 13,618 6,708 Accounts payable and accrued liabilities 1,247 8,763 Deferred revenue (5,557) (2,304) Other assets (2,094) 588 ------------------------- Net cash provided by operating activities 38,627 44,611 Cash Flows from investing activities: Acquisition of Capital Assets (5,842) (1,481) Purchase of Vizible (850) - Additional purchase consideration for prior period acquisitions - (614) Acquisition related costs (5,604) (3,341) ------------------------- Net cash used in investing activities (12,296) (5,436) Cash flows from financing activities: Excess tax benefits on share-based compensation expense 249 212 Proceeds from issuance of Common shares 1,919 857 Repayment of long-term debt (856) (870) ------------------------- Net cash provided by (used in) financing activities 1,312 199 Foreign Exchange gain (loss) on cash and cash equivalents 11,128 (220) Increase in cash and cash equivalents during the period 38,771 39,154 Cash and cash equivalents at the beginning of the period 237,048 215,762 ------------------------- Cash and cash equivalents at the end of the period $275,819 $254,916 ------------------------- ------------------------- DATASOURCE: Open Text Corporation CONTACT: Paul McFeeters, Chief Financial Officer, Open Text Corporation, (905) 762-6121, ; Greg Secord, Vice President, Investor Relations, Open Text Corporation, (519) 888-7111 ext.2408,

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

OTEX Republic of Portugal 1.95% 15jun2029